Global Respiratory Care Device Market Size to Grow at a CAGR of 8.60% During the Forecast Period of 2023-2028
The ‘Global Respiratory Care Device Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global respiratory care device market, assessing the market on the basis of its segments like products, disease indications, end-users, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Respiratory Care Device Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): Around USD 19.95 Billion
• Forecast CAGR (2023-2028): 8.60%
• Forecast Market Size (2028): Nearly USD 32.72 Billion
The growing geriatric population and the increasing frequency of preterm births are some of the major trends influencing the requirement for respiratory care devices. As both premature infants and the elderly have weakened immune systems, the demand for a variety of breathing support devices to enable artificial breathing and prevent and control respiratory diseases is increasing.
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The respiratory care device market is anticipated to benefit from favourable government and non-profit initiatives, like the Global Initiative for Asthma (GINA), and several campaigns aimed at increasing the awareness regarding respiratory diseases.
The surging investments to enhance the accessibility to robust healthcare and improving healthcare infrastructure, especially in developing countries, are likely to positively influence the respiratory care device market growth in upcoming years.
Respiratory Care Device Market Definition and Major Segments
Respiratory care equipment refers to devices that are used to provide supplemental oxygen, offer humidification to the inspired gas, deliver therapeutic aerosols, and facilitate airway secretion clearance.
These devices are utilised for diagnosing, monitoring, and treating respiratory diseases such as chronic obstructive pulmonary disease (COPD), asthma, tuberculosis, and pneumonia. They are vital for providing enhanced care to patients suffering from respiratory issues.
The market for respiratory care devices, based on product, can be categorised into:
• Therapeutic Respiratory Care Devices
o Positive Airway Pressure (PAP) Devices
o Oxygen Concentrator
o Ventilators
o Inhalers
o Nebulisers
o Humidifiers
o Reusable Resuscitators
o Nitric Oxide Delivery Units
o Oxygen Hoods
• Respiratory Care Monitoring Devices
o Pulse Oximetres
o Capnography
o Gas Analysers
• Diagnostic Respiratory Care Devices
o Spirometres
o Polysomnography Devices
o Peak Flow Metres
o Others
• Consumables and Accessories
o Masks
o Disposable Resuscitators
o Tracheostomy Tubes
o Breathing Circuits
o Nasal Cannula
o Others
Based on disease indications, the market is divided into:
• COPD
• Asthma
• Sleep Apnea
• Infectious Disease
• Others
By end-user, the market for respiratory care devices is segmented into:
• Hospitals
• Home Care
• Ambulatory Care
• Others
The major regional markets for respiratory care devices include:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Respiratory Care Device Market Trends
Some of the significant respiratory care device market trends include the increasing awareness regarding the availability of diverse respiratory care devices and growing investments in research and development (R&D) activities aimed at developing innovative and advanced respiratory care devices.
The growing acceptance of home healthcare gadgets and the expanding demand for therapeutic respiratory devices in home healthcare applications are expected to significantly contribute to the market expansion.
North America is one of the leading regions in the global respiratory care device market owing to the presence of robust healthcare and diagnostic infrastructure. The growing geriatric population in the United States is surging the number of surgeries and breathing support procedures, thereby aiding the market growth.
Meanwhile, in the Asia Pacific, the growing patient base with respiratory problems caused by rapidly changing lifestyles, such as smoking and tobacco use, is anticipated to boost the requirement for respiratory care devices in the coming years.
Key Market Players
The major players in the respiratory care device market report include
• Koninklijke Philips N.V
• Masimo Corporation
• Teleflex Incorporated
• Fisher & Paykel Healthcare Corporation Limited
• Hamilton Medical AG
• ICU Medical Inc.
• General Electric Company
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
